Told the Byfuglien deal is for 5-years in the $5 million per year range.

added 4:05pm, via Thrashers PR…

The Atlanta Thrashers have signed defenseman Dustin Byfuglien to a multiple-year contract extension, according to General Manager Rick Dudley.

“Dustin has emerged into an elite player this season and been invaluable as a leader both on and off the ice,” said Dudley. “It was a priority to sign him and we’re looking forward to witnessing his All-Star caliber play for many years to come.”

Byfuglien, 25, leads the team and ranks fifth in the NHL among defenseman in scoring with 43 points (17 goals, 26 assists) this season while leading all league defenseman in goals. He has tallied six game-winning goals, one shy of the NHL record for a defenseman in a single season and tied the Thrashers single-game scoring record for a defensemen with four points (one goal, three assists) against Boston on Nov. 28. Byfuglien was named the NHL’s second star of the week (period ending Nov. 28) and the league’s third star for the month of November. For his efforts this season, he was also named an NHL All-Star.

ya, sounds like a pretty big gamble to me as well. over 5 million a year for Buffy leaves him over paid by at least a million per season. Hopefully for Atlanta he continues to develop, and the beginning of this year was not an oddity.

To many it would appear cap space is not an issue, with Atlanta having a ton of it available. Problem is, they don’t spent to the cap max, and actually hover around the cap minimum. Currently they are hovering around 41 million in cap space being used, which is 18 under the cap maximum. Next year they will be at 35 million but with 10 roster spots to fill. That is including Buffys salary as well, so we can assume that if history is any indication, they have approx 5-7 million to spend to fill 10 roster spots.

Unless ownership wants to suddenly spend another 18-20 million, overpayment is still an issue

Consider how much cap room Atlanta has, and overpayment doesn’t sound like an issue.

Posted by Alan from Atlanta on 02/15/11 at 08:53 PM ET

Atlanta Spirit co-owner Michael Gearon said there is now a “sense of urgency” to find additional investors or a buyer willing to keep the Thrashers in Atlanta. If the ownership group does not get additional financial help in the near future the franchise could be sold and moved to another city.

“If we are faced with that as the only alternative, that’s what’s going to happen,” Gearon told the Atlanta Journal-Constitution in an exclusive interview Tuesday. “I don’t think there is an ability to stomach another $20 million in losses. We just can’t do it.

“The reality is we need fans showing up and we need investors, or a primary investor.”